A look at what the iconic ‘rich guys’ tax data just confirms the above….
*The ‘look’ seems to have come from data from internal IRS files , which is NOT suppose to happen..Ref: Donald Trump?*)
The Middle Class people of America pay the governments bills….
There is little chance this will change since the tax code is actually written by Congress whose law makers have to get elected and fundraise every two to four years…..
The 25 richest Americans including Jeff Bezos, Michael Bloomberg and Elon Musk paid relatively little — and sometimes nothing — in federal income taxes between 2014 and 2018, according to an analysis from the news organization ProPublica that was based on a trove of Internal Revenue Service tax filings.
The analysis showed that the nation’s richest executives paid just a fraction of their wealth in taxes — $13.6 billion in federal income taxes on $401 billion of their wealth.
The documents reveal the stark inequity in the American tax system, as plutocrats such as Warren Buffett, Jeffrey Bezos, Michael Bloomberg and Elon Musk were able to benefit from a complex web of loopholes in the tax code and the fact that the United States puts its emphasis on taxing labor income versus wealth.
The rare window into the tactics of the nation’s top billionaires comes as President Biden is trying to overhaul the tax code to raise taxes on corporations and the rich. Mr. Biden has proposed raising the top income tax rate to 39.6 percent from 37 percent….
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Senator Ron Wyden of Oregon, the chairman of the finance committee, told Mr. Rettig that he was concerned about the security of taxpayer data. He also emphasized that the disclosures made clear that the tax code needs to be rewritten.
“What this data reveals is that the country’s wealthiest, who profited immensely during the pandemic, have not been paying their fair share,” Mr. Wyden said, adding that he has proposals to fix that disparity.
Senator Mike Crapo of Idaho, the top Republican on the committee, said that the disclosures added to his concern about a Biden administration proposal to give the I.R.S. more access to the financial information of taxpayers. He suggested that the agency could not be trusted to keep the data secure….
*Note…
US Senator’s reaction to this report has been to worry about how that data was obtained more that what the data showed about who actually pays the American tax burden….
image….Credit…From left: Joshua Roberts/Reuters; Logan Cyrus/Agence France-Presse — Getty Images; Mike Blake/Reuters